By Hugh CameronShareNewsweek is a Trust Project memberPresident Donald Trump has proposed “almost completely” cutting income tax, which he said could be achieved thanks to the effects of his trade policies.
In a Thanksgiving message delivered from his Mar-a-Lago estate in Florida, the president referenced the investment commitments that had been made by other nations, pledges from companies to expand their production presence in the U.S., as well as the revenue accrued from import taxes.
...“Over the next couple of years, I think we'll substantially be cutting — and maybe cutting out completely — income tax,” Trump said. “We could be almost completely cutting it because the money we're taking in is going to be so large.”
The administration has several times floated slashing or even abolishing income tax thanks to tariffs, though experts broadly agree that the revenue-generating effects of these policies would be unable to match the over $2 trillion the Internal Revenue Service generates each year through this form of taxation.
This is a developing story. More to come
Request Reprint & LicensingSubmit CorrectionView Editorial & AI Guidelines
Add Newsweek as a preferred source on Google to see more of our trusted coverage when you search.Recommended For You
NewsWinter Storm Warning as 24 Inches of Snow To Strike: ‘Blizzard Conditions’4 min read
NewsUncommon Knowledge: Trump Has Biden to Thank for $274 Ozempic4 min read
NewsLouisiana’s Most Notorious Prison Hosts Daddy-Daughter Dance3 min read
NewsMap Shows US Cities Seeing Biggest Rise in Home Value3 min read
NewsWinter Storm Map Shows Where Up to 12 Inches of Snow Could Strike3 min read
WorldUkraine War Live Updates—Putin ‘Smells Blood in the Air’, Russia Praises Trump ‘Realism’3 min readRelated Podcasts
Top Stories
NewsNational Guard Member Sarah Beckstrom Dead After DC Shooting3 min read
NewsUncommon Knowledge: Trump, Biden and the Real Record of Afghan Vetting5 min read
NewsDonald Trump Says US To Launch Land Action in Venezuela ‘Very Soon’1 min read
NewsLessons From Ukraine: How NATO Can Prepare for Future Conflicts6 min read
NewsMap Shows Where Significant Snow Will Disrupt Post-Thanksgiving Travel3 min read
TravelSuspect Held in Killing of American in Tobago3 min readTrending
New York8 Million Inflation Refund Checks Sent Out Ahead of Thanksgiving4 min readWeatherWinter Storm Map Shows Where Up to 12 Inches of Snow Could Strike3 min read
DogsAfter 2 Days at Daycare, German Shepherd’s Return Goes Viral: ‘Never Again’3 min read
WalmartWalmart Recall Update: Customers Warned ‘Immediately Stop’ Using Products4 min read
CatholicPope Leo Updates Marriage Rules for 1.4 Billion Catholics3 min readOpinion
OpinionConventional Wisdom: The Anti-Thanksgiving Edition3 min read
OpinionHow to Remain Grounded and Thankful Amid the Chaos5 min read
OpinionThis Thanksgiving, Affordability Isn’t Just About the Turkey. It’s Everyday, Every Bill, Every Choice | Opinion4 min read
OpinionINTERPOL Must Not Elect One of Its Chief Abusers As Its Next President | Opinion4 min read
OpinionWhy We Care About Turkey Costs | Opinion5 min read
